Lokavant

New York-based Lokavant provides data unification and tracking solutions for clinical trials. Originally spun off from parent company Roivant Sciences in April 2023, the company provides an AI-powered clinical trial intelligence platform that uses data analytics and management to increase the accuracy and efficiency of trial planning and execution. Its platform offers functions such as study planning, enrollment forecasting, trial milestone tracking, risk detection, and medical monitoring of participants. Additionally, Lokavant’s platform provides real-time, predictive analytics, which the company claims has been shown to improve enrollment forecast accuracy, reduce costs, and save time.

The company launched with a proprietary data asset of historical trial data from over 2,000 studies and its platform integrates real-world disparate trial data sources and offers its platform to pharmaceutical R&D sponsors and contract research organizations (CROs) that are involved in late-stage global clinical trials to facilitate data consolidation.

In June 2024, the company launched a new product called "Spectrum", an AI-centered product designed to optimize clinical trials by predicting and managing trial timelines and costs in real time. Spectrum provide several key features that aid in effective clinical trial management. These include comprehensive site startup sequencing and modeling through AI and machine learning, high-throughput scenario planning, precise study enrollment predictions, accurate financial and budget forecasting, data-driven recommendations for study progression, and efficient automatic reporting and data exportation capabilities.

In April 2023, the company claimed that since its founding in 2020, it has increased its customer base of CROs 3x on a YoY basis and has provided its platform for over 2,000 trials.

Funding and financials

In October 2023, the company raised USD 8 million in a strategic investment round led by Mitsui & Co., with participation from other investors. The funds were set aside for expanding its platform’s geographic presence into the Asia-Pacific (APAC) region, with a focus on Japan. The company planned to open an APAC headquarters in Tokyo, which would receive operational support from Mitsui, including business development, staffing, and product localization.